You are never too young to start saving. There will always be something you will want to save up for – CD’s, DVD’s, computer games or, as you get older, driving lessons, gap year trip or even your first car! If you are under 18, start saving today, so you can see the benefits tomorrow!

How much can I save?

You only need £1 to open a Young Savers Club account, and you can save up to £5,000 in total. The minimum investment level must be maintained for the account to remain open.

Once you start to save you will be surprised how quickly your balance grows. Whether you are saving your pocket money or birthday money, the Young Savers Club account gives you instant access to your savings, so that when you have saved for something special you know you can have access to your money.

If you find you are in a position to keep some of your savings until you reach 18, you could take advantage of an even higher rate of interest by putting your money into our 18 Club account. Please note that access to funds placed into an 18 Club account is not allowed until the account holder’s 18th birthday.

A passbook will give you a record of the transactions that you have carried out. Please present it every time you pay into your account or make a withdrawal.

How is interest paid?

Interest rates are variable.

Interest builds up on the daily balance and is then added to your account twice yearly on or about 30th June and 31st December.

Most Young Savers Club account holders will be able to receive interest gross. An HM Revenue & Customers registration form R85 can be obtained from the Society or downloaded from HM Revenue & Customs via our website and should be signed by a parent or guardian if the account holder is under 16 years old. Interest will be paid net of income tax at the rate required by law if an R85 is not received.

Paying money in

Money can be added to your account by any of the following methods:

• Cash or cheques can be paid in over the counter
• You may also pay cheques into your account by post
• You can arrange a direct transfer once your account has been opened

Our Freepost address is: FREEPOST, Harpenden Building Society, 14-16 Station Road, Harpenden, Herts, AL5 4BR.

When making cheques payable to Harpenden Building Society you should also include the name of the person(s) into whose account the money is being paid (e.g. Harpenden Building Society - Account holder's name). If you are paying cheques into your account they will take six working days to clear from the day after receipt. You will also earn interest from the day after receipt.

Taking money out

You can make withdrawals from your account instantly and without penalty.

You can withdraw up to £50 in cash per day over the counter unless accompanied by a parent or guardian, when the daily cash withdrawal limit would be £250. Instant access up to the total balance on your account is available by cheque.

What happens on your 18th birthday?

We will write to you prior to your 18th birthday and at this time the account holder will be given the choice of receiving a cheque for either part or all of the funds (together with interest) or the option to open a 21 Club account or any of the Society’s other savings accounts.

The 21 Club account allows savers aged 18 to 21 to maintain an investment account with a high rate of interest and to make up to 3 withdrawals from the account annually. For further details please refer to our 21 Club product leaflet.

If the Society does not receive any instructions from the account holder within 60 days of writing then the whole amount plus interest will be transferred to either an Escalator or Hertfordshare account, depending on the balance.

Opening an account

The account must be in the sole name of the account holder and cannot be held by parents, trustees or guardians. If the account is opened in the name of a child less than seven years of age, or the account is being opened on behalf of the child, then the adult opening the account should sign the form on the child’s behalf.

Simply download the Young Savers Club Account leaflet on this page and complete the Application and Declaration form. Return these together with your deposit and identification to open your account.